Assenagon Asset Management S.A. Increases Stock Holdings in Labcorp Holdings Inc. $LH

Key Points

• Assenagon Asset Management S.A. significantly increased its stake in Labcorp Holdings Inc. by 3,009.3%, now owning 119,958 shares valued at approximately $31.49 million.
• Labcorp's recent quarterly earnings report showed $4.35 earnings per share, exceeding estimates and reflecting a 9.6% year-over-year revenue growth.
• Latest analyst ratings have resulted in a mostly bullish outlook for Labcorp, with an average rating of "Moderate Buy" and a consensus target price of $290.33.

Assenagon Asset Management S.A. grew its stake in Labcorp Holdings Inc. (NYSE:LH - Free Report) by 3,009.3% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 119,958 shares of the medical research company's stock after buying an additional 116,100 shares during the period. Assenagon Asset Management S.A. owned 0.14% of Labcorp worth $31,490,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Golden State Wealth Management LLC boosted its holdings in shares of Labcorp by 88.1% in the 1st quarter. Golden State Wealth Management LLC now owns 111 shares of the medical research company's stock valued at $26,000 after buying an additional 52 shares in the last quarter. North Capital Inc. acquired a new position in shares of Labcorp in the 1st quarter valued at $27,000. TruNorth Capital Management LLC acquired a new position in shares of Labcorp in the 1st quarter valued at $28,000. Larson Financial Group LLC boosted its holdings in shares of Labcorp by 140.4% in the 1st quarter. Larson Financial Group LLC now owns 125 shares of the medical research company's stock valued at $29,000 after buying an additional 73 shares in the last quarter. Finally, Financial Gravity Asset Management Inc. acquired a new position in shares of Labcorp in the 1st quarter valued at $31,000. Institutional investors and hedge funds own 95.94% of the company's stock.

Labcorp Stock Performance

Shares of LH traded up $1.86 during midday trading on Monday, hitting $279.13. 540,555 shares of the stock traded hands, compared to its average volume of 419,258. Labcorp Holdings Inc. has a 1-year low of $209.38 and a 1-year high of $283.47. The firm has a market capitalization of $23.20 billion, a PE ratio of 30.81, a price-to-earnings-growth ratio of 1.77 and a beta of 0.85. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.32 and a current ratio of 1.50. The business's 50 day moving average price is $268.48 and its two-hundred day moving average price is $252.08.

Labcorp (NYSE:LH - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The medical research company reported $4.35 EPS for the quarter, topping analysts' consensus estimates of $4.14 by $0.21. The company had revenue of $3.53 billion for the quarter, compared to the consensus estimate of $3.49 billion. Labcorp had a net margin of 5.66% and a return on equity of 15.45%. Labcorp's revenue was up 9.6% on a year-over-year basis. During the same period in the previous year, the firm earned $3.94 EPS. Labcorp has set its FY 2025 guidance at 16.050-16.500 EPS. Equities research analysts predict that Labcorp Holdings Inc. will post 16.01 EPS for the current fiscal year.

Labcorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 11th. Stockholders of record on Thursday, August 28th were issued a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a dividend yield of 1.0%. The ex-dividend date was Thursday, August 28th. Labcorp's dividend payout ratio is presently 31.79%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on LH. UBS Group upped their target price on shares of Labcorp from $282.00 to $305.00 and gave the company a "buy" rating in a report on Friday, July 25th. Truist Financial upped their price target on shares of Labcorp from $290.00 to $310.00 and gave the company a "buy" rating in a research report on Friday, July 25th. HSBC downgraded shares of Labcorp from a "buy" rating to a "hold" rating and set a $260.00 price target for the company. in a research report on Thursday, July 10th. Evercore ISI upped their price objective on shares of Labcorp from $285.00 to $300.00 and gave the stock an "outperform" rating in a research report on Friday, July 25th. Finally, Hsbc Global Res downgraded shares of Labcorp from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 10th. Nine investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $290.33.

Insider Transactions at Labcorp

In other Labcorp news, Director Dwight Gary Gilliland sold 2,000 shares of the company's stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $264.95, for a total value of $529,900.00. Following the transaction, the director directly owned 6,656 shares of the company's stock, valued at $1,763,507.20. This represents a 23.11% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Kerrii B. Anderson sold 3,500 shares of the company's stock in a transaction on Thursday, July 24th. The shares were sold at an average price of $280.00, for a total value of $980,000.00. Following the sale, the director owned 8,666 shares of the company's stock, valued at approximately $2,426,480. The trade was a 28.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 15,546 shares of company stock worth $4,207,192 in the last ninety days. 0.84% of the stock is currently owned by insiders.

Labcorp Company Profile

Labcorp Holdings, Inc engages in providing medical testing services. The company was founded on April 16, 2024 and is headquartered in Burlington, NC.